Winning Bizness Sports Desk
Mumbai. Amid rising crude oil prices, Russia is now selling expensive oil to India. According to the reports, Russia is selling it to western countries at $60 per barrel while to India while it is selling India at $80 per barrel which is 30 percent costlier. Traders have opined that Russia is taking advantage of the reduced supply and rising prices in the global oil market through exports. Analysts have said that if the situation continues like this, the prices of petrol and diesel may increase in the country in the coming time. It has remained stable for a long time. In fact, even when India was buying oil from Russia cheaply, the prices of petrol and diesel in the retail markets were around Rs 100, and now when crude oil has become expensive, it is still stable at the same price.
India ranks third in the world in crude oil exports
Urals, the main oil exported from Russia, is trading at more than $60 per barrel in Western countries. These countries, along with other producing countries including OPEC, have set a limit of $60 on Russian oil from July after the production cut by Saudi Arabia and Russia. India ranks third in the world in crude oil exports. In 2022, when Western countries had banned buying Russian oil, India was buying the most oil from Russia. At that time Russia was giving oil to India at $35-45 per barrel. After that it gradually abolished the rebate given on oil.
Crude oil reserves in Russia plummet
Traders say that currently the cargo loading of October oil is being done at $ 80 per barrel. Crude oil reserves in Russia have decreased. Production has also been cut. According to sources, due to the cut, the discount for Urals at Indian ports has come down to $4-5 per barrel while the discount to branded crude was $6-7 per barrel two weeks ago.